944 Pacific Ave — Sale in Long Beach, CA
- Price: Contact for price
- Listing type: For sale
- Asset type: Multifamily Property
- Location: Long Beach, CA 90813
Photos
Investment Figures
- Cap rate
- 5.43%
Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.
Description
Marcus & Millichap is pleased to present to market 944 Pacific Avenue in Long Beach, California. This offering presents an excellent turnkey acquisition opportunity: converted from a creative office building into an apartments in 2020, this building is not subject to rent control. 944 Pacific Avenue features four one-bed/one-bath units, one two-bed/one-bath, and one two-bed/two-bath unit. Unit interiors boast modern finishes, in-unit laundry, and mini splits to support rental demand. The units are separately metered for all utilities; with tenants paying their own gas, electric, and water, owner expenses are minimized. The building also offers controlled access, a landscaped courtyard with patios, and a large parking lot with an E/V charger. The building’s electrical and plumbing were updated during the building use conversion. The property is located in Downtown Long Beach, offering easy access to major employers, retail, and attractions. This transit-friendly location is also just three blocks from the Metro E Line and proximate to the 710 Freeway. Investment Highlights: • Turnkey Asset Not Subject to Rent Control: Converted from a creative office space in 2020, this six-unit building is not subject to rent control • Diverse Unit Mix: Four one-bed/one-baths, one two-bed/one-bath, and one two-bed/two-bath • Desirable Amenities: In-unit laundry, mini splits, modern finishes, landscaped courtyard with patios, controlled access, and on-site parking with E/V charging • Rental Upside: Current rents present 15 percent potential upside • Separately Metered for All Utilities: Tenants pay their own electric, gas, and water, keeping owner expenses to a minimum • Located in Downtown Long Beach: Conveniently near retail, major employers and attractions, and three blocks to the Metro E Line
Market Context
This multifamily in Long Beach, CA is listed for sale. It is offered at an approximate 5.4% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Long Beach, CA — view the full market.
Contact
- Bogie Bogoyevac · (424) 405-3826 · steve.bogoyevac@marcusmillichap.com
Explore this market
Similar Multifamily Property for Sale in Long Beach, CA
- Casa Valencia — Contact for price · Long Beach, CA
- 328 W 8th St — Contact for price · Long Beach, CA
- 820 Cedar Ave — Contact for price · Long Beach, CA
- 825 Roswell Ave — Contact for price · Long Beach, CA
- 1035 Lime Ave — Contact for price · Long Beach, CA
- 1137 Junipero Avenue — Contact for price · Long Beach, CA